Bitcoin drops again to set new low for 2018

Bitcoin (BTC) continued its downward trend today even setting a new record for the year. In spite of the low price buyers do not seem to be rescuing bitcoin from further drops. There is no sign of a year end rally as often has happened in the past.

Bitcoin — cryptocurrency.

Karen BLEIER, AFP/File

CoinDesk article

It is now December 7th UTC. On CoinDesk, Sebastian Sinclair discusses the recent drop of BTC in an article posted at 1:53 December 7th UTC. He notes that Bitcoin has hit a fresh new 2018 low amid a general crypto-market sell-off.

At about 1:00 UTC, BTC dropped to a low of $3,306 far surpassing the prior low of $3,640 according to CoinMarketCap and CoinDesk data. The sell-off has plagued the largest coin by market cap since a recent rapid drop from the $6,000 mark almost a month ago now. Many other cryptocurrencies have also declined in value.

Over just a 24-hour period the capitalization of BTC has dropped by $4.8 billion. It is down more than $14 billion over the week. There is a shift by traders away from Bitcoin into fiat funds. Hope for any crypto revival this year appears to be fading.

Market well down over the year

According to CoinDesk data, BTC has lost most of the bull run gains from October, November and December last year. It is down 84.28 percent from its all time high of $19,781. Year-over-year it is down 64 percent as it has dropped in big dips after each successive lower high.

Other cryptocurrencies in a bear market as well

Other cryptocoins are also following in the lead of BTC with Stellar and Bitcoin Cash each down between 11 to 15 percent. There are no technical signs of the bear market ending soon. The total market capitalization of all cryptocoins fell steeply with $11.5 billion being erased. The market capitalization of all coins is now $110.6 billion. On January 8 this year CoinMarketCap data show the capitalization at $813 billion.

Present situation

According to CoinDesk data BTC opened 24 hours ago at $3,704. It reached a high of $3,838 before falling back and eventually hitting a low of $3,297 much later in the day. At 20:35 Central Standard Time the price was at $3,333 down about 10 percent for the day. The trend appears to be a continuation of the bear market which could see the price of BTC approach or even break through the $3,000 level to set even more record lows. The present price of Bitcoin can be found here.